Benchmarks trade with decent gains; PSU bank stocks edge higher

The domestic equity benchmarks traded with decent gains in mid-morning trade. The Nifty continued to trade above the 18,200 level. PSU bank stocks advanced for second consecutive session.

At 11:27 IST, the barometer index, the S&P BSE Sensex, was up 114.78 points or 0.19% to 61,248.66. The Nifty 50 index added 28.60 points or 0.16% to 18,219.60.

In the broader market, the S&P BSE Mid-Cap index rose 0.60% while the S&P BSE Small-Cap index gained 1.08%.

The market breadth remained strong. On the BSE, 2353 shares rose, and 937 shares fell. A total of 143 shares were unchanged.

Global stock markets are rounding off a tumultuous and difficult year, as governments and central banks grappled with sky-high inflation arising from the fallout from Russia's war in Ukraine, and persistent Covid-19 restrictions in China.

Investors remain wary of the prospect of persistently high inflation, monetary policy tightening from central banks and a potentially prolonged period of sluggish economic growth.

New Listing:

Shares of Elin Electronics were currently trading at Rs 232.60 on the BSE, representing a discount of 5.83% compared with the issue price of Rs 247.

The scrip was listed at a price of Rs 243, at a discount of 1.65% as compared to the issue price.

So far, the stock has hit a high of 244.75 and a low of 231.55. On the BSE, over 4.34 lakh shares of the company were traded in the counter so far.

The initial public offer (IPO) of Elin Electronics was subscribed 3.09 times. The issue opened for bidding on 20 December 2022 and it closed on 22 December 2022. The price band of

Buzzing Index:

The Nifty PSU Bank index added 1.21% to 4,306.05. The index has gained 1.94% in two sessions.

Punjab & Sind Bank (up 4.66%), Indian Overseas Bank (up 3.98%), Bank of Maharashtra (up 3.69%), UCO Bank (up 3.57%) and Union Bank of India (up 3.46%) were the top gainers.

Among the other gainers were Central Bank of India (up 3.18%), Bank of India (up 2.96%), Indian Bank (up 2.14%), Punjab National Bank (up 1.81%) and Canara Bank (up 1.14%).

Stocks in Spotlight:

Craftsman Automation surged 8.46%. The company said that it has entered into a definitive agreement to acquire 76% of share capital of DR Axion India (DRAIPL) for Rs 375 crore. The company and DRAIPL both operate in the auto components space and have strengths in complementary areas. This acquisition will help both entities leverage their strengths and build better synergies, said the company.

Skipper rose 1.79%. The company announced that it has secured fresh new order valuing Rs 2,570 crore from Bharat Sanchar Nigam (BSNL). The contract is for supply and erection of ground based telecom towers, infrastructure as a service provider (IaaSP) for supply, installation of infrastructure Items and subsequent O&M for 5 years, extendable to 5 more years, in the uncovered villages of India under 4G saturation projects.

Global Markets:

Asian stocks advanced across the board on Friday after Wall Street rebounded overnight, recovering most losses from the previous session.

Wall Street's main indices closed higher on Thursday, led by growth stocks in light trading, as US unemployment data signaled the Federal Reserve's interest rate hikes might be starting to dent labor market strength in its bid to fight inflation.

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